Time is money, especially for a home based business. A data entry operator in a cubicle can slack off, play a game on their cell phone, and chat for an hour at the water cooler. The home based business owner does not share this luxury. Every minute they are not actively generating income, is a minute they are not earning money. No one will deposit a check into their account once a week, whether they earned every penny of it, or not.
This is why managing becomes vitally important. A little disorganization, or some poorly planned days, can cost a substantial amount of money.
Daily Planner
Plan a day or two ahead, a week if possible. Do not worry about listing each job with a time period. Just make a list. As each job is completed, strike it off the list.
After making the list, prioritize the list. First, put the jobs that will earn the most money. Second, list the jobs with deadlines.
Pay attention to the little things. There will be small tasks that do not get finished each week. These will accumulate, making it impossible to do the bigger things. Set aside some time to do these tasks, even if it only one hour, once a week.
Maximize Downtime
It is not necessary to purchase a blackberry, but a laptop can let you spend an afternoon outside, while still working. It also gives an alternative to doing nothing while the power is off, while the Internet is slow, or when your away from the office.
There are many times when you must wait an hour for an appointment, or something didn't go as planned, use these times for business. A cell phone is a great tool.
Outsource
Most business owners have no problem outsourcing their advertising, management, marketing, and programming tasks.
However, suggest that they should outsource the laundry, house cleaning, and even taking out the trash, and most will laugh hysterically. But, that is exactly what many successful business people do.
How much money can you make in one hour? Divide up your monthly income by the ?actual? hours worked. This does not mean the hours spent in the office, or the hours sitting at the computer. It means the actual hours you are actively engaging in earning revenue.
Now, add up all the time wasted taking out the trash, doing the laundry, picking up the children from piano lessons, and walking the dog. These things can take 15 hours a week. A business person who earns $20 an hour is losing, $300 a week because they will not outsource the mundane tasks.
A house cleaner costs $70, a dog walker, $50, laundry $25, and a taxi will cost about $10.00, all totalled that is $155.00.
This means that the business owner is losing $145 a week, $7 500 a year, because they refuse to outsource the mundane tasks.
Separate Work at Home
To manage your time efficiently, delegate what hours are to be invested in work, and which belong to home life. Teach the family not to disturb you until you are finished working ? but then when your day is done ? stop working. You'll never run a successful business, or build wealth, if you burn out, or face a family crisis.
All together, these tips form a plan of action that will help you succeed, and help you learn how to manage your home business successfully.
Here are 10 tips for minimizing the disadvantages and stressors of working at home:
1. Conserve money wherever possible. One common pitfall for new home-based entrepreneurs is running out of money early. Get expert advice on subjects like minimizing taxes, forecasting your startup costs, and having enough cash in the bank.
2. Let your friends know you mean business. You need to demonstrate that just because you're at home doesn't mean you're not at work. Otherwise people may mistake your casual attire and a car in the driveway as an invitation to stop by and chat or may call your business phone to discuss personal matters. It is your job to set the limits, so do it early, and as often as is necessary.
3. Invest in the home office equipment you need. Now that you're your own boss, you'll no longer be able to request a bigger file cabinet or a new copy machine from the facilities departments; now you'll have to source (and pay for!) your equipment yourself. But if you need a piece of equipment to do business effectively, buy it. Not buying what you need to compete is false economy, and could sink your business in a hurry.
4. Manage the expectations of the people you live with. Your teen daughter may resent having to keep her CD player on low because you're on a conference call, and your spouse may not appreciate you keeping late hours to catch up on business correspondence. Let your family members know that you appreciate them and that you need their support and consideration in order to succeed. 5. Maintain a professional image. Projecting a professional image is especially important if you work from home. It can give your home-based business legitimacy in the eyes of people who might otherwise not take you seriously. Print business cards, set up a basic Web site, install a separate phone line, and never let the kids answer your work phone.
6. Hold meetings off-site if necessary. Unless you have a self-contained section of your house that is completely devoted to your business, it's not appropriate to hold meetings at home. Look into off-site alternatives or meet with clients at their offices.
7. Forecast your expenses. Assess your overhead expenses, including rent, gas, electricity, business telephone calls, packing and shipping supplies, the time and cost of transporting packages to a shipper, cleaning and cleaning insurance, office supplies, payroll taxes, repairs, and maintenance. The accuracy of your estimates will play a major role in controlling your costs.
8. Research the laws that may pertain to your home-based business. Make sure to see what zoning laws, licensing, permits and other legal restrictions affect your operation. The last thing you want to do is set up shop, announce that you're open for business, and find out regulations make it illegal to operate out of your home.
9. Anticipate isolation. The life of a home-based business owner can be a lonely one. But the reality is you're not alone. It's up to you to try to forge connections by joining local associations, or starting a networking group for home-based business owners in your town.
10. Fight stress. Take care of your most valuable asset: you. Being the boss can be exciting, fulfilling, and rewarding. It can also be lonely, stressful, and demanding. Learn to balance your professional and personal life. Build an hour of exercise into your day, get massages, or plan a vacation. Your business depends on you being at your best.
Both Mark Walters & Unsecuredloan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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